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2016-11-11 18:45:00

ROSNEFT DOWN 62%

РОСНЕФТЬ: СНИЖЕНИЕ 57%

 

ROSNEFT published financial results for 3Q and 9M of 2016

  • EBITDA margin is up to 25.4% for 9M 2016 (+1.3 bp Y-o-Y)
  • Keeping 3Q upstream operating costs per boe unchanged q-o-q
  • Maintaining industry leadership in free cash flow generation: RUB 48 bln in 3Q 2016

 

Consolidated IFRS financial results for 3Q 2016:

 

3Q

2016

2Q

2016

Change,

%

9M

2016

9M

2015

Change,

%

Financial results

RUB bln (except %)

Total  revenue and equity share in profits of associates and joint ventures

1,223

1,232

(0.7)%

3,503

3,954

(11.4)%

EBITDA

292

348

(16.1)%

913

967

(5.6)%

EBITDA margin

23.3%

27.6%

(4.3) bp

25.4%

24.1%

1.3 bp

Net income attributable to Rosneft shareholders 

26

89

(70.8)%

129

302

(57.3)%

Net income margin

2.1%

7.2%

(5.1) bp

3.7%

7.6%

(3.9) bp

Capital expenditures

167

154

8.4%

475

409

16.1%

Free cash flow

48

61

(21.3)%

189

517

(63.4)%

Upstream operating expenses/boe

164

164

-

161

157

2.5%

 

USD bln1 (except %)

Total revenue and income of associates  and joint ventures

19.4

19.2

1.0%

53.1

68.3

(22.3)%

EBITDA

4.5

5.3

(15.1)%

13.5

16.5

(18.2)%

Net income attributable to Rosneft shareholders

0.4

1.4

(71.4)%

2.0

5.3

(62.3)%

Net debt

26.1

23.4

11.5%

26.1

24.5

6.5%

Capital expenditures

2.6

2.3

13.0%

7.0

6.9

1.4%

Free cash flow

1.3

1.3

-

4.1

9.7

(57.7)%

For reference

 

 

 

 

 

 

Average Urals price,  USD per bbl

44.0

43.8

0.5%

40.0

54.6

(26.8)%

Average Urals price, th. RUB per bbl

2.85

2.89

(1.4)%

2.74

3.24

(15.5)%

 1Calculated using average monthly Central Bank of Russia exchange rates for the reporting period. Gross debt and net debt are estimated using the closing exchange rate of Central Bank of Russia as of September, 30, 2016, June, 30, 2016 and September, 30, 2015, respectively.

 

Commenting the results for 3Q 2016, Rosneft CEO Igor Sechin said:

"In 3Q 2016 the environment on the commodity markets remained difficult. Additional pressure on the company's profitability was from considerable negative export duty lag effect. I would like to highlight positive results of Rosneft's management cost control and generation of positive free cash flow over the last years in conditions of high market volatility. This is a unique achievement among the peers. In October the Company acquired the state-owned stake in Bashneft. We will make our best efforts to maximize the synergy potential from this asset integration. The first important steps on its realization are being conducted already at early consolidation stage in 4Q 2016."

-----

Earlier: 

ROSNEFT & BGC DEAL: $1.1 BLN 

ROSNEFT & BP: YERMAK NEFTEGAZ 

ROSNEFT WILL BUY INDIA 

ROSNEFT BOUGHT BASHNEFT 

ANTI-OPEC POSITION

 

 

Tags: ROSNEFT, РОСНЕФТЬ, RUSSIA, РОССИЯ

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